Stanley sees strong Q1 sales and earnings

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New Britain, Conn.-based Stanley Black & Decker posted first quarter sales of $2.381 billion, up 89% from the year ago period -- thanks largely to the incremental sales achieved through Black & Decker.

The company, which marked its one -year anniversary of the Stanley and Black & Decker merger last month -- the companies merged March 12, 2010 -- said 71% of the sales increase was from Black & Decker, other acquisitions made up 9%, unit volume resulted in 7% growth, and currency rates added 2%.

The company's earnings for the quarter were $158.7 million, compared to a loss of $108.6 million in the first quarter of 2010.

Stanley Black & Decker’s President and CEO, John F. Lundgren described the company as enthusiastic about the coming year. "Our plans to achieve $300 - $400 million in revenue synergies by 2013 remain on track and there was some compelling evidence of these opportunities in the first quarter, particularly in Latin America."